FX.co ★ Technical analysis of USD/CAD for December 11, 2015

Overview:

• The price of USD/CAD pair is still showing signs of strength following the break of 1.3528. The level of 1.3528 is representing a strong support this month. Therefore, the USD/CAD pair's resistance has been broken and it was turned into support for a while. Moreover, the pair has already formed the strong support at the level of 1.3528. The ratio of 50% Fibonacci retracement levels is coinciding with the price of 1.3528. So, the market indicates a bullish opportunity at the level of 1.3528 with the target of 1.3721 and 1.3790. If the trend breaks this level and closes below the key level of 1.3528, then it will be rather convincing downside momentum. The structure of the fall does not look corrective for that the market will indicate a bearish opportunity at the price of 1.3528. Accordingly, it will be a good sign to sell at this level and the support has already been placed at the 1.3450 level.